Twelve of the seventeen investments were reported in the second half of the year. This can likely be traced to Frumtak 2 and Brunnur beginning to invest their recently raised combined ~$70 million, and the fact that Norðurskautið has kept a close tab on investments since mid-May.

Numbers even higher than reported

These numbers are also (at least) slightly underrepresented, as many investments in Iceland are not announced, like angel rounds or bridge rounds. Therefore, some unannounced investments are left out, including two from Q4 that Norðurskautið included in its analysis.

30% of the investments were made in VR and gaming, demonstrating interest and potential in that sector in Iceland. VR is projected to be big news in 2016, as the technology becomes cheaper and more available to consumers.

Interestingly, Iceland’s total funding was less than $4 million lower than Finland’s – a country with a bigger and more established startup scene, not to mention population.